PowerUp Acquisition in an 8-K said it added another non-redemption agreement covering 1.5 million shares, which the unaffiliated third-party investor agrees to hold through an upcoming extension vote. In return, the investors will receive 750,000 Class B shares.
The SPAC wants to push its deadline back to May 23, 2024.
PowerUp last month announced a much smaller non-redemption agreement covering 150,000 shares with a 75,000-share payout to the participating investor.
PowerUp raised $287.5 million in its February 2022 IPO with plans to acquire a business within the interactive media, digital media, sports, entertainment or leisure sectors.
Executive Chairman Bruce Hack was director and later chairman of Technicolor SA from 2010 to 2019. Prior, he was a principal in the creation of Activision Blizzard. Read more.
